With effect from 6 April 2016, the ability for senior staff to make tax-efficient provision for their retirement is being cut back. Here, we look at how senior staff will be affected by the upcoming tax changes.
High earners could find themselves footing large tax bills when a series of changes to pensions tax relief are implemented in April 2016.
The changes to pensions benefits announced in the 2015 Summer budget, which affect the amount of tax paid by higher earners, come into effect in April. Here we outline the key features of the tapered annual allowance (TAA).
A number of GPs and NHS Consultants who have a long service in their pension scheme and are on a high salary or who receive a promotional salary increase could very well be impacted by the pension taxation changes which come into effect from 6 April 2016.
While the new flexibilities are welcome, senior staff may benefit from expert advice to help in managing their income needs and taxation affairs.
If you are waiting for your IP14 certificate this month or want to re-start pension contributions subject to receiving your certificate, we have news about when it will be available.
Following the announcement by the Chancellor on 29 September, we finally have some clarity from HMRC on the removal of the 55% tax on pensions at death.
Pension savings currently attract tax relief. The Lifetime Allowance (LTA) is a limit placed by the Government on the value of pension benefits an individual can accrue over their lifetime without paying tax charges.
Bhargaw Buddhdev of pensions consultants Barnett Waddingham, is warning high-earners that if they do not apply for fixed protection 2014 (FP14) bef...